Saving & Investing
Everyone at some point has something they want to save for. From starting a family to education costs, house deposit to a new car, wedding to a contingency fund.
As an example, it is estimated that the total cost of someone undertaking a 3 year university course starting in 10 years time will be around £29,600. (source: The Childrens Mutual 2002) If you were to start saving today with a view to build up this sum, you would need to save around £200 per month.
With such a vast array of savings and investment vehicles available including ISAs, With Profit Bonds, Deposit Accounts, Unit Trusts, Ethical Investments, Investment Trusts, National Savings and Guaranteed Income Bonds to name but a few, how do you know which ones best suit your needs?
You then have to consider the level of investment risk you are prepared to take to provide the reward you hope for. This will be directly affected by the timescale you have in mind to meet your objectives.
As you can probably now tell, when you decide to put in place some structured savings or investments, there is a minefield to wade through.
Individual Savings Accounts (ISAs) are normally the first place to consider for any savings or investments you may have as they allow you to save without paying tax on what you receive from your investment and you can put money in and take it out whenever you want subject to maximum investment allowances. All residents aged 18 and over (16 for Cash ISAs) are able to invest up to £7,000 per year at present into an ISA and this can be held in funds of your choice from cash funds to equity based funds.
Our consultants will discuss with you to establish risk profile, term, purpose, etc before then making a recommendation specific to you and suitable to meet your objectives. We would then construct a portfolio which will aim to satisfy your needs and continue to review this on an ongoing basis to ensure your portfolio continues to meet your requirements. Deposit accounts are not regulated by the Financial Services Authority.